Business Combinations (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]


(In thousands, except per share data)	January 31, 2023
Number of Professional common shares outstanding	14,358
Per share exchange ratio	0.8909
Number of shares of SBCF common stock issued	12,792
Multiplied by common stock price per share at January 31, 2023	$	32.11
Value of SBCF common stock issued	$	410,738
Cash paid for fractional shares	5
Fair value of Professional options converted	10,304
Total purchase price	$	421,047

Schedule of Business Acquisitions


	Initially Measured		Measurement		As Adjusted
(In thousands)	January 31, 2023		Period Adjustments		January 31, 2023
Assets:
Cash and cash equivalents	$	141,680	$	—	$	141,680
Investment securities	167,059		—		167,059
Loans	1,991,713		(5,544)		1,986,169
Bank premises and equipment	2,478		—		2,478
Core deposit intangibles	48,885		—		48,885
Goodwill	248,091		3,583		251,674
BOLI	55,071		—		55,071
Other Assets	74,232		2,561		76,793
Total Assets	$	2,729,209	$	600	$	2,729,809

Liabilities:
Deposits	$	2,119,341	$	—	$	2,119,341
Subordinated debt	21,141		—		21,141
Other Liabilities	167,680		600		168,280
Total Liabilities	$	2,308,162	$	600	$	2,308,762

Schedule of Fair Value of Acquired Loans, Unpaid Principal Balance, Purchase Price and Allowance for Credit Losses

The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.


	January 31, 2023
(In thousands)	Book Balance		Fair Value
Loans:
Construction and land development	$	156,048	$	151,012
Commercial real estate - owner occupied	293,473		274,068
Commercial real estate - non-owner occupied	752,393		692,746
Residential real estate	509,305		483,611
Commercial and financial	392,396		350,628
Consumer	33,656		32,153
PPP Loans	1,951		1,951
Total acquired loans	$	2,139,222	$	1,986,169

Schedule Purchase Credit Deteriorated Loans Acquired

The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:


(In thousands)	January 31, 2023
Book balance of loans at acquisition	$	155,031
Allowance for credit losses at acquisition	(18,879)
Non-credit related discount	(12,361)
Total PCD loans acquired	$	123,791